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Biosensors Market Overview
Market Research Future (MRFR) believes that the biosensor market should record a growth rate of 9.7% from 2020 to 2027. Meanwhile, its anticipated value by the end of 2027 will be USD 35,729.14 Million.
Top Drivers and Key Restraints
Biosensors are versatile medical sensors that help detect the presence of biological analytes, such as microorganisms, biomolecules, and biological structures. These devices contain three parts, one that helps identify these analytes and produces signals, with second being a reader device and third is a signal transducer. Biosensors have gained an elite position within the healthcare sector, given their extensive applications in medical science including fast detection of human interleukin-10 and human papilloma virus that could result in heart diseases, and more. The alarming increase in chronic and lifestyle-based ailments along with the burgeoning elderly population prone to various disorders have significantly raised the demand for biosensors. Fluorescent biosensors are some of the most popular devices in the global market, with extensive use in drug discovery as well as cancer. Their use-cases are also mounting in the plant biology field, used for assessing the missing links required during metabolic processes. In short, expanding application range and the rising focus on exploring new medical applications of biosensors by the top players and research institutes, backed by strong government support should benefit the global market in the following years.
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Companies are striving hard to expand their customer base to garner a higher share in the global market. To this end, they are increasingly adopting strategic steps including acquisitions, mergers, partnerships, and collaborations. Launch of new software and tools has become the go-to strategical move for many of the players in the global industry. For instance, in May 2021, Altair Medical, a Scottish biosensor firm has raised a total of £2.25 million for accelerating its development of respiratory biosensor as well as real-time AI-based monitoring platform. The biosensor makes use of algorithms to analyze and monitor the respiratory patterns, and in case an OIRD is detected, the device transmits a message to the first responders, who then administer the required reversal agent naloxone.
Technology, end-user, and application are listed as the top segments in the MRFR report.
Technology (Electrochemical Biosensors, Optical Biosensors, Thermal Biosensors and Piezoelectric Biosensors), By End User (Point of Care, Home Diagnostics, Research Laboratories, Food Industry and Security and Biodefense), By Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing.
The biosensor industry can be regionally considered for APAC/Asia Pacific and Europe, along with North America and The Middle East and Africa or MEA.
North America has been identified as the biggest gainer in the global market, with the reasons noted for the strong demand for biosensors being the high health awareness among people. The fact that the region readily adopts the latest healthcare technologies also fosters the demand for biosensors. Expanding aging patient base, rise in chronic as well as lifestyle illnesses, and the favorable insurance coverage schemes available in the region add to the market strength. Surging popularity of IoT-based devices in healthcare as well as the large-scale amounts spent on upgradation of healthcare infrastructure benefits the market as well.
The European biosensors industry stands second among all the regions, mainly because of the striking growth in the elderly population along with the mounting cases of lifestyle-based diseases. Mounting awareness about various medical conditions in line with soaring demand for rapid diagnostic techniques could elevate the market position in the ensuing period. The boom in the healthcare IoT sector, especially in Germany and France, will ensure that the European market continues to soar rapidly in the next few years.
The fastest progressing market will be APAC, thanks to the rising per-capita healthcare spending and the improvement in healthcare infrastructure. The fast-paced urbanization across emerging countries like India has bolstered the growth of the medical tourism sector, which pushes the demand for sophisticated healthcare services.
Reputed Industry Players
Biosensors manufacturers active in the global industry include Nova Biomedical (US), TiaDoc Technology Corporation (Taiwan), Johnson & Johnson Services, Inc. (US), Bayer AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), LifeSensors (US), i-SENS, Inc. (South Korea), Medtronic (US), Abbott (US), Siemens Healthineers AG (Germany), to name a few.
Theia Interactive, a leading visualization vendor & software developer, has introduced Claria, a line of biometric tracking tools that help analyze and report the physical reactions of a person when in virtual reality. Claria has biosensors in its Reverb G2 Omnicept Edition headset that helps monitor the heart rate, cognitive load, heart rate variability, pupillometry, saccade as well as eye vector. This way, Claria provides an extensive outline of the physical responses, then transforming them to comprehensive datasets.
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